The digitization of Insurance has been the main topic across industry conferences and thought leadership for years, and has accelerated dramatically in 2020. Pre-COVID, investment plans around major digital initiatives for many carriers moved from the five-year-horizon to the 12-24-month timeline. Suddenly, there was a dramatic pulling forward of many of these plans in response to the pandemic, and the notion that we would go back to old ways of working has been left behind.
The Insurance industry has been under a great deal of transformative pressure lately, primarily in how we deliver our products and services to our customers and distribution partners. In that context, there has been a rash of buzzwords floating around the industry, with new ones added seemingly-daily. One of those buzzwords has become especially common as the world suddenly had to find ways to work remotely, and that’s Digital Transformation.